ITFC CEO Meets with Egypt's Minister of Planning, Economic Development
The discussion centered on enhancing cooperation in key sectors such as energy and food commodities, along with promoting investment development through the second phase of the Aid for Trade Initiative for Arab States (AfTIAS) program.
Both parties underscored the significance of supporting small and medium-sized enterprises (SMEs) and empowering women in trade. They also highlighted the strategic partnership between ITFC and Egypt, which plays a vital role in driving sustainable development and fostering regional integration through the Islamic Development Bank Group's integrated trade solutions.
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Arab News
2 hours ago
- Arab News
IsDB drives development across over 2 percent of world's countries
JEDDAH: A year after marking its 50th anniversary, the Islamic Development Bank remains at the forefront of global development finance, recognized for its distinctive model that blends Shariah finance principles with strategic investments. Established in August 1974 and commencing operations in October the following year in Saudi Arabia, the IsDB has grown into a distinctive institution within the global development landscape, championing ethics, equity, and solidarity among its 57 member countries and impacting one in five people worldwide. The bank was founded through a visionary initiative led by Saudi King Faisal bin Abdulaziz and other Islamic leaders to foster development cooperation among member states of the Organization of Islamic Cooperation and enhance the wellbeing of Muslim communities. Financial strength The IsDB is recognized as one of the world's most active multilateral development banks and a global leader in Islamic finance. It boasts prestigious AAA credit ratings by Moody's, S&P, and Fitch — reflecting its strong financial stability and low risk. With a subscribed capital of $76 billion, the bank is well-positioned to support large-scale development projects and foster economic growth across its member countries. The Jeddah-based organization has evolved into a group of five institutions representing member states across four continents, with total approvals exceeding $182 billion for more than 12,000 development projects, as of April 2024. Built on strong partnerships and trusted governance, the bank continues to promote sustainable socioeconomic development. Saudi Arabia's enduring support remains crucial as the IsDB charts its strategic future, committed to tackling today's challenges and strengthening solidarity throughout the Muslim world. Among its strongest partnerships is with Turkiye, a founding member that has received nearly $13 billion in IsDB approvals across 545 projects. In April 2024, both sides launched a new $6.3 billion framework to boost sustainability, productivity, Islamic finance, and digital transformation, reaffirming the bank's long-term commitment to Turkiye's development. Speaking to Arab News, Abdulmohsen Al-Alshiekh, assistant professor and board member of the Saudi Economic Association, said over the past five decades, the IsDB has played a critical role as a development catalyst across the Islamic world. He added that its effectiveness can be assessed on several fronts, including Infrastructure development, human capital investment, Shariah-compliant financing, crisis response, and South-South cooperation. 'IsDB has financed thousands of projects in transport, energy, water, and urban development, significantly improving connectivity and public services across its member countries,' Al-Alshiekh said. He added that through scholarship programs, capacity-building initiatives, and education sector support, IsDB has contributed to advancing education, vocational training, and knowledge economies in low- and middle-income member states. As for the bank's Islamic law financing compliance, Al-Alshiekh said that one of IsDB's unique strengths is its adherence to Islamic finance principles. 'By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally,' he added. Crisis response Al-Alshiekh said the bank has shown agility in responding to global crises, including the COVID-19 pandemic, by mobilizing special funds, providing concessional financing, and supporting resilience and recovery efforts in vulnerable member countries. He added that the bank continues to foster cooperation among member states through trade finance, investment insurance, and technology transfer initiatives, reinforcing its role as a key platform for intra-OIC economic collaboration. Development reach Al-Alshiekh noted that countries across sub-Saharan Africa, the MENA region, South Asia, and Southeast Asia have benefited from IsDB's interventions, underscoring several priority sectors including infrastructure, education, health, agriculture, and trade. 'These investments have helped close infrastructure gaps and improve regional integration, especially in landlocked and low-income countries,' he added. On education and health, the assistant professor said the IsDB has funded scholarships, technical training, hospitals, and pandemic response. It has also supported irrigation, rural development, and agribusiness in sub-Saharan Africa and South Asia to fight poverty and boost food security. 'Countries such as Senegal, Niger, Nigeria, and Sudan have received substantial support in infrastructure, agriculture, and education,' he said. Countries recovering from conflict or facing economic challenges, such as Yemen, Egypt, Morocco, and Tunisia, have received significant assistance, while Bangladesh, Pakistan, Indonesia, and the Maldives have also benefited from a mix of infrastructure, health, and education investments, Al-Alshiekh added. Unequal model Unlike conventional multilateral development banks, all the bank's financial transactions comply with Islamic principles. 'One of IsDB's unique strengths is its adherence to Islamic finance principles,' Alalshiekh said 'By promoting risk-sharing and asset-backed investments, it has provided an alternative to interest-based lending and contributed to the growth of the Islamic finance industry globally.' Youssef Saidi, a research fellow at the Economic Research Forum, emphasized the importance of distinguishing the IsDB's model from that of conventional multilateral development banks. 'To understand the unique contributions of the IsDB, it is essential to examine how its development model contrasts with those of the conventional multilateral development banks, which often focus on standardized approaches that may not fully address the unique needs of developing countries, potentially limiting their effectiveness in fostering sustainable growth,' Saidi told Arab News. He added that the IsDB focuses on Islamic finance principles, socio-economic development, and innovative approaches to financing and project implementation. 'These characteristics emphasize the importance of adaptability and responsiveness to the specific needs of member countries, which is essential for effective development financing,' he said. He noted that this adaptability allows the IsDB to forge partnerships that boost funding and enhance project delivery, similar to other multilateral development banks. Future priorities As the global development landscape becomes increasingly complex, both Saidi and Al-Alshiekh agree that the IsDB must recalibrate its strategic focus to address emerging challenges. 'The challenges facing the IsDB include addressing governance issues, ensuring effective resource allocation, and adapting to the evolving needs of its member countries to enhance development outcomes,' Saidi said. To maintain its relevance, the IsDB must navigate challenges such as regional disparities in development, ensuring equitable resource allocation, and fostering innovation in Islamic finance practices, he also said. Looking ahead, Al-Alshiekh said the IsDB is expected to broaden its role in key areas such as climate action through green sukuk, private sector partnerships focused on small and medium enterprises, fintech, digital infrastructure and e-governance, and support for fragile regions via stabilization funds and humanitarian-development-peace frameworks. Enduring values While the IsDB shares several features with conventional development banks, including alignment with the UN Sustainable Development Goals, it remains rooted in a distinct ethos. 'Unlike conventional MDBs, IsDB operates entirely on Islamic finance principles. This means it avoids interest-bearing loans and instead uses instruments like Murabaha, or cost-plus sale, ijara, or leasing, and istisna'a, or construction financing, as well as sukuk,' Al-Alshiekh explained. He added that the IsDB's approach is value-based, emphasizing ethical finance, social justice, and equitable growth that aligns with Islamic principles. 'This contrasts with the often secular and market-oriented frameworks of conventional MDBs.' Governance is another differentiator. 'IsDB's governance model is rooted in the OIC (Organisation of Islamic Cooperation), with its members being exclusively Islamic countries,' he said. This allows for a greater cultural and strategic alignment among its stakeholders, while conventional MDBs tend to have a broader, more diverse global membership, he noted. Al-Alshiekh also underlined the principle of solidarity that guides the bank's resource allocation. 'The IsDB emphasizes 'Islamic solidarity', often prioritizing needs-based resource allocation and South-South cooperation, in contrast to performance-based lending criteria or conditionalities common in conventional MDBs,' he said.
Leaders
6 hours ago
- Leaders
Saudi Arabia Unveils Strict Rules for Domestic Labor Ads
The Saudi Ministry of Human Resources and Social Development has proposed tough new regulations for advertising domestic labor services, with the aim to protect worker dignity, eliminate misleading promotions, and ensure market transparency. The Ministry published the draft 'Regulations for Advertising Domestic Labor Services' on the 'Istitlaa' public platform. Significantly, this draft prohibits advertisements using words or phrases that undermine foreign or domestic workers' dignity, banning false or misleading claims that could deceive customers, either directly or indirectly. Furthermore, the rules explicitly ban false or misleading claims that could deceive customers. Enforcing Transparency and Language Rules Advertisements must prominently display the licensed service provider's name, logo, and registered trademark. A clear statement confirming the provider holds a valid license is also mandatory. Crucially, all ads must appear primarily in Arabic with additional languages are permissible only if the content exactly matches the Arabic version. The draft also prohibits unauthorized use of ministry names or logos, nor those of related platforms like 'Musaned' or 'Ajeer.' The regulations strictly protect worker privacy as ads cannot show individuals or use caricatures without explicit consent, prohibiting posting photos or videos of workers seeking job transfers on social media, allowing only resumes, and with the worker's approval. The new rules banned group interviews, permitting only individual interviews. Additionally, Advertisements must not discriminate based on nationality, religion, cost, or salary, with phrases like 'best nationality,' 'lowest salary,' or 'preferred religion' are strictly forbidden. Ads cannot suggest workers bear financial costs for service transfers, or that intermediaries can charge fees outside official payment channels. The draft mandates all payments flow exclusively through the Musaned platform, whether for recruitment mediation or service transfers. Broad Applicability of the Regulations These regulations apply to recruitment agencies, labor service providers, advertisers, and all individuals or entities—citizens, residents, or businesses—advertising through any medium. This includes social media, marketing platforms, mobile messages, email, electronic apps, and roadside billboards. The ministry emphasizes that these proposed regulations aim to establish clear standards for advertising content. By reducing random and misleading ads, the ministry seeks to protect both consumers and workers while reinforcing compliance with Saudi labor laws governing domestic labor recruitment and services. Short link : Post Views: 233
Leaders
6 hours ago
- Leaders
Saudi Arabia Rolls Out Robotaxi Service in Riyadh
Riyadh, Saudi Arabia's capital, has deployed a Robotaxi pilot fleet, developed by Chinese tech firm WeRide in collaboration with Uber and local partner AiDriver. WeRide has recently obtained Saudi Arabia's first Robotaxi autonomous driving permit, which allows it to operate self-driving vehicles business in the Kingdom and deploy Robotaxis across Saudi regions. Robotaxi in Riyadh This permit makes WeRide the only tech firm in the world that has autonomous driving permits in six countries: Saudi Arabia, China, the UAE, Singapore, France, and the US. On July 23, 2025, the Chinese company, in cooperation with Uber and AiDrive, launched its pilot operations across key locations in Riyadh, including at King Khalid International Airport, major highways and selected city center hubs. The Robotaxi service will have designated pick-up and drop-off stations to streamline travel to and from the airport. It will boost transport efficiency, sustainability, and safety across Riyadh, easing traffic congestion in the Saudi capital. The Robotaxi is set to expand into full-scale commercial service by the end of 2025. WeRide is the first company to get a permit for its Robotaxi in Saudi Arabia, after completing a rigorous approval process, including testing, assessments, and technology validation, to meet the highest safety and performance standards set by the Kingdom's Transport General Authority (TGA). Major Milestone The tech company received the permit during an official ceremony, with the participation of the Saudi Minister of Transport and Logistics Services and Chairman of the TGA, Saleh bin Nasser Al-Jasser, and CFO and Head of International at WeRide, Jennifer Li, alongside other Saudi senior officials. On this occasion, Li said: 'This permit marks a major step in our global expansion, enabling us to scale Robotaxi services and unlock new commercial opportunities in Saudi Arabia.' Meanwhile, the Saudi Transport Minister hailed the initiative. 'The pilot launch of autonomous taxi services reflects the kingdom's forward-looking vision and strategic investment in future mobility,' he said. 'This step reinforces our commitment to fostering innovation, enabling cutting-edge technologies, and creating a globally competitive, efficient, and sustainable transport sector that supports economic growth and enhances the quality of life for all,' Al-Jasser added. WeRide Services in Saudi Arabia In addition to Robotaxi, WeRide, which entered Saudi Arabia in May 2025, has been testing and operating Robobus service in key locations, such as King Fahad Medical City, Aramco residential communities, AlUla, and the Ritz-Carlton in Riyadh. It is also operating Robosweeper S1 at King Fahad Medical City, Riyadh Second Health Cluster, marking the first paid autonomous sanitation project in both Saudi Arabia and the wider Middle East. Short link : Post Views: 7
